Rowan Asset Management are selling a property from the Merrion Private Equity Fund that it runs on behalf of a small group of Irish Investors. The site comprises some three acres of freehold and is strategically located on the waterside at Millharbour and Glengall Bridge. It currently comprises an office and retail development and is well let, but is considered by Nick Jacobs, Managing Director of Rowan, to be "probably the best site for redevelopment on the Island outside Canary Wharf".
Rowan to sell 3-acre London
"Currently producing some £2.5 million p.a. the property has various opportunities. It can be managed over a short or long period as the accommodation is benefiting form a shortage of good quality secondary office space on the Island. It also has major redevelopment potential subject to planning. Rowan have been working in a strategic manner on the planning since they first acquired part of the property in 2003. They have a achieved a consent for change of use to residential on part of the site, although this is a strategic consent and they have considered major redevelopment options such as a 53-story mixed-use tower comprising some 850 m².
They have decided to bring the property to the market as they are not developers and feel that the ultimate developer should make the next call on strategy. They feel they have unlocked the site ready for another party to clear the last few hurdles and make their own decisions. Rowan have been advised by architects Shepard Robson and DP9 Planning consultants.
Cherryman Docklands specialists and CBRE have been jointly instructed to market and have produced a 24-page brochure giving information on the site. It was decided to market over the summer as a number of overseas visitors will be in London. Rowan expect that the investment may appeal to an individual with a desire to create an Iconic building in London. There was a flurry of activity over the site when it was first rumoured to be coming to the market and Rowan confirm that they are talking to a number of interested parties. The guide price is in the order of £60 million although Rowan suspect that they will not get investor approval to sell unless a "good" price is achieved."